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4.6% growth forecast for textile testing, inspection mkt
10
Aug '15
The textile testing, inspection, and certification (TIC) market is expected to reach $7,221.01 million by 2020, growing at a CAGR of 4.6 per cent between 2015 and 2020, according to a leading research agency.

Textile Testing Market players such as UL India, SGS Group (Switzerland), Intertek Group plc (UK), and TUV SUD (Germany) have been focusing on geographical expansion to broaden their portfolio and geographical presence. For Instance in February 2015, the SGS Group opened a new softlines testing laboratory in Tianjin (China). The new lab offers testing services for various types of textiles, apparel, and leather products.

According to the report, increasing export of textiles from developing regions and growth of the technical textile market are some of the factors driving the testing, inspection, and certification (TIC) market. Small to medium sized TIC companies face challenges in terms of receiving accreditation as it requires heavy investment. However, various government organizations are providing incentives in the form of funds and relaxation of accreditations for the SMEs in the TIC textile market, as the latter are required to make huge investments to get accredited by accreditation bodies such as International Organisation for Standardization (ISO) and American Society for Testing for Materials (ASTM).

The global testing, inspection, and certification (TIC) market has been segmented into North America, Europe, APAC, and ROW. Europe was the leading region in terms of the market share in 2014, due to the presence of prominent market players such as UL India, SGS Group (Switzerland), Bureau Veritas Group (Belgium), Intertek Group PLC (UK), TUV Rheinland Group (Germany), and others. (SH)

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